The global production monitoring market size is foreseen to progress from USD 7.24 billion in 2024 to USD 15.30 billion by 2032 at a compound annual growth rate (CAGR) of 9.8% over the conjecture period.
Production monitoring records in real-time the overall performance of the production line through software and service offerings deployed via the cloud or on-premise, providing production monitoring to end users such as oil and gas, chemical, and automotive.
Production monitoring is a procedure intended to record the complete performance of a production line in real time. It collects data from the different divisions of the production line, which is transmitted to the teams working on the line. The data collected by the production control system is used to improve the efficiency of the production line. It's part of business process optimization, a management approach to developing new processes and resources that could make a business as efficient as possible. It relies on different platforms, such as IoT, big data, and machine learning, to help organizations achieve their short and long-term goals. These systems allow organizations to minimize the number of inaccuracies and achieve a highly enriched result by running a well-designed set of business process management systems. It helps organizations create an environment for continuous analysis and adjustment when and where it's needed.
According to Forbes, the oil and gas industry's dependence on automation has grown over the past decade and is expected to double by 2020 as the demand for crude oil increases. New initiatives are adopted to increase digitization in oil fields, resulting in increased funding in instrumentation to augment productivity and complete projects in less budget and timeframe.
The automation industry has moved from providing after-sales service hardware teams to a more service-oriented approach and offering software tools that can translate large volumes of data into meaningful information and that can be leveraged to make important business decisions. In April 2019, AeonX Limited (Nigeria) signed the Oil and Gas Partnership Agreement with WFS Technologies to promote and deliver the complete line of next-generation Seatooth products for asset integrity monitoring and insurance of flow to customers. New and existing in Nigeria.
Additionally, one of the largest expenses for oil and gas companies is related to the drilling process. Drilling is not only expensive, but it is also highly technical and carries considerable risks to worker safety. Automating the manual parts of this process, such as pipe handling and pressure drilling, can dramatically reduce safety risks and speed up the overall drilling process.
The growing demand for industrial automation in manufacturing sectors, the increased need for centralized monitoring and predictive asset maintenance, and the growth of manufacturing facilities in developing regions due to the workforce. Cheap labor is the main factor driving the growth of the global production monitoring market. In addition, the process of expanding a company's capabilities to provide a better experience for end consumers is driving the growth of the global market.
However, data security and privacy concerns and a lack of skilled workforce are hampering market growth. Furthermore, the adoption of emerging technologies in production monitoring, such as cloud technologies, is expected to provide significant opportunities for the market.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 to 2032 |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2032 |
|
CAGR |
9.8% |
|
Segments Covered |
By Component, Deployment Mode, Application, Organization Size, Vertical, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
Hitachi Ltd, Oracle Corporation, Infosys Limited, Siemens AG, Emerson Electric Co., Rockwell Automation Inc., Schlumberger Limited., Tesar Srl, Ordinal Software, and Others. |
It forks into solutions and services. The solutions segment is subdivided into asset management, data management, smart monitoring and security, and mobile workforce management. The service segment is divided into professional services and managed services.
It is segmented as on-premises and cloud. By application, it is classified into business process optimization, logistics and supply chain management, emergency and incident management, automation and control management, etc.
It is divided into small and medium-sized companies and large companies.
It is classified into oil and gas, chemicals, automotive, energy and energy, food and beverages, aerospace and defense, and health and life sciences, among others.
North America is the largest contributor to the production monitoring market because the region is technologically advanced. North American countries have developed an infrastructure and skilled workforce, helping production monitoring solution providers offer 24/7 support and maintenance to their customers.
In the United States, most industries are advanced users of data analysis systems and are ready to implement a new platform with new architecture and new capabilities to monitor production. Additionally, players focus on providing new solutions. In April 2020, Altair confirmed the launch of its Panopticon, a collective platform that will monitor and analyze real-time market and trade information for its users. These include operational data analysis applications in manufacturing, logistics, telecommunications, oil and gas production, and power distribution.
The major players featured in the global production monitoring market analysis are Hitachi Ltd, Oracle Corporation, Infosys Limited, Siemens AG, Emerson Electric Co., Rockwell Automation Inc., Schlumberger Limited., Tesar Srl, and Ordinal Software.
In Mar 2020, NEC Corporation published its contract with Siemens to use IoT to offer a monitoring and analysis solution in manufacturing by integrating MindSphere, the open cloud-based IoT operating system from Siemens, and invariant analysis technology. Of the NEC system (SIAT).
By Component
By Application
By Deployment Mode
By Organization Size
By Vertical
By Region
Frequently Asked Questions
The market is dominated by various types of systems such as Manufacturing Execution Systems (MES), Supervisory Control and Data Acquisition (SCADA) systems, and Industrial Internet of Things (IIoT) platforms.
Governments worldwide are implementing initiatives to promote digitalization and automation in manufacturing industries. These initiatives include funding support, tax incentives, and regulatory frameworks aimed at encouraging the adoption of advanced production monitoring technologies.
By monitoring energy consumption, optimizing resource utilization, and minimizing waste generation, production monitoring solutions contribute to sustainable manufacturing practices, aligning with global environmental regulations and corporate sustainability objectives.
Emerging trends include the integration of augmented reality (AR) and virtual reality (VR) technologies for remote monitoring and maintenance, the adoption of blockchain for ensuring data integrity and traceability, and the rise of edge computing for real-time data processing at the manufacturing site.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region